“The Fed’s dual mandate is that of arsonist and fire brigade.”  – Jim Grant.  A Belated Epiphany It is my belief, based on years of observation, that if you want to know the truth about government agencies and their actions, listen to retired officials from those entities.  Once they have… Read More

“We were assured by policy makers that QE provided large benefits to the real economy.  If so, won’t its reversal in the form of QT come with a cost?  It can’t be all rainbows and unicorns.”  -Stan Druckenmiller and Kevin Warsh (the latter a former senior Fed official, referring to… Read More

By Thomas Gatley from Gavekal Dragonomics What happenedThe China Securities Regulatory Commission on Saturday published a proposed rule change for offshore-listed companies, removing a requirement that audit inspections be conducted by Chinese government agencies. The contextChina’s securities regulators have been negotiating with their US counterparts over the requirement,… Read More

Ride Away, Right Away! It’s no April Fool’s gag that the first quarter was a rare down one for stock investors. That is, unless they were closely following this newsletter’s repeated recommendations to have considerable hard asset exposure.  The S&P 500 was down roughly 4 ½% in Q1, while the… Read More

Through the first half of 2021, the US Initial Public Offering (IPO) market hit record after record, as proceeds and activity went gangbusters. At its peak, nearly $40.7 billion of capital was raised via initial public offerings across 118 deals in the second quarter of 2021. Read More

 Image: KnowYourMeme.com “A gold mine is a hole in the ground with a liar standing next to it.” – Often attributed to Mark Twain (a great line, no matter the source) Hopefully, everyone reading this edition of our Evergreen Virtual Advisor (EVA) is aware that I recently completed a book titled… Read More

Implausible Deniability? The economic and geopolitical headwinds are blowing much stronger than they were prior to Russia’s attack on Ukraine.  So, what has been the stock market’s reaction to this?  Just like in the days when the Fed was in binge-print mode, it has been to head north.  The S&P… Read More

When markets are down, it is easy to panic and question your investment strategy. While markets have bounced back in the last two weeks, many indexes, such as the NASDAQ, are still in correction territory, and our investment team thinks we will likely see more volatility in 2022 than… Read More

In this final chapter of Bubble 3.0, I cover the subject a number of you have been asking for since we began publishing my book in chapters and mini chapters:  How best to protect your personal wealth from the radically different investment environment in which we find ourselves. It’s… Read More

Your response to our Ukrainian relief message has been extraordinary!!  It appears that we will at least hit $75,000, with a decent shot at approaching my $100,000 “stretch” goal.  A few of you even took my suggestion and donated appreciated stock.  In that regard, included below is a receipt… Read More